Go back three Olympics, you were broadcasting four or five hours a day, instead of 15 hours a day, but you still had same expense to cover the Olympics,

There is a big part of the prime demographic — that key 18- to 49-year-old market — that is hungry to sample this model. Not everyone can do appointment viewing when ABC decides to put a hit program on. So the convenience factor is becoming a driving force in the filmed entertainment business right now. This is going to get Disney a great sample of what people want, and if they're willing to pay for it.

There's a glut of sports programming out there. It's all going after male viewers age 18 to 49. To reach other demographics, you have to spread your buys around.

Management makes a very impressive presentation of taking this company and building what is arguably the last pure-play franchise in the filmed entertainment business. Certainly the chairman of the firm has a history of turning companies around, and there's no reason to think he won't do that here too.

The filmed entertainment business has just gotten tough,

Because ratings were down in a high-single digit level, concerns are about the up-front advertising market, which may be soft, perhaps more for ABC than others. I think analysts have gotten nervous.